Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1010. Certificate of authorization to do business

(i) except in the case of a mutual savings bank, capital of the institution shall have been fully paid in, in an amount specified by the department and, in addition, there shall have been paid in:

(ii) an expense fund, in the case of a mutual savings bank, shall have been paid in, in an amount fixed by the department, subject to reimbursement to the contributors thereof only out of earnings after the mutual savings bank has accumulated out of earnings an expense fund at least equal to the amount of the original expense fund and surplus in an amount at least equal to the amount of such expense fund;

(iii) a majority of the directors or trustees have taken the oath or affirmation required by section 1406;  2

(iv) the by-laws of the institution have been filed with the department;

(v) the institution has been organized and is ready to begin the business for which it was incorporated;

(vi) all conditions imposed by the department in giving its approval of the proposed institution under section 1007 have been satisfied; and

(vii) the department has received an affidavit signed by the cashier or treasurer and by at least a majority of the directors or trustees of the institution to the effect that all of the foregoing requirements of this subsection have been satisfied.